Head of State Timibre Silva, the state’s minister for petroleum resources, on Monday attributed the loss of revenue from Nigeria’s crude production to theft, sabotage of pipelines and eroding infrastructure.
In a statement to Horatius Igwa, his senior adviser on media and communications, Silva said that despite the challenges, the Federal Government of Nigeria is determined to end this trend.
According to him, the current government is determined to end this trend through security along major oil and gas pipelines in the Niger Delta region and improved investments.
Silva’s statement read: “It is known that the large losses of crude oil in the country were through the theft and destruction of oil pipelines.
“Again, we also know that some of the oil infrastructure is old and dilapidated and cannot perform at its maximum capacity.”
There is also a problem of underinvestment in fossil fuels in Nigeria, Silva added, and the drive towards renewable energy has already hindered new investments in the sector.
Timipre Sylva lists three things responsible for crude oil losses in Nigeria
